Downstream Purchasing Interest Declined, Suppliers Struggled to Hold Prices Firm; Overall Trading Was Not as Active as Yesterday [SMM South China Spot Copper]

Published: Mar 5, 2026 11:48

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SMM News, March 5:

Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was reported at 0 yuan/mt, up 20 yuan/mt; standard-quality copper was reported at a discount of 200 yuan/mt, up 10 yuan/mt; SX-EW copper was reported at a discount of 260 yuan/mt, up 10 yuan/mt. The average price of Guangdong #1 copper cathode was 101,450 yuan/mt, up 140 yuan/mt from the previous trading day, while the average price of SX-EW copper was 101,290 yuan/mt, down 135 yuan/mt from the previous trading day.

Spot market: After declining for only one day, Guangdong inventory increased again today, mainly due to higher arrivals. Following yesterday’s concentrated procurement, downstream restocking willingness was weaker today than yesterday, making it difficult for suppliers to continue holding prices firm aggressively, and they could only slightly raise premiums. Today, Guangdong’s copper cathode procurement sentiment was 2.41, down 0.21 from the previous trading day, while shipments sentiment was 3.19, up 0.15 from the previous trading day. (Historical data can be accessed by logging into the database.)

Overall, downstream purchasing interest declined and suppliers struggled to hold prices firm, with overall trading activity weaker than yesterday.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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